Are Excel Industries latest results good or bad?

Excel Industries has reported its financial results for the quarter ending March 2025, revealing a mixed operational performance. The company experienced a notable decline in profitability, with Profit Before Tax (PBT) at Rs 10.55 crore, which is significantly lower than the average PBT from the previous four quarters. Profit After Tax (PAT) also showed a decrease, reported at Rs 12.41 crore, again below the historical average.
Despite these declines in profitability, there were some positive trends in sales and net profit growth compared to the previous quarter. Net sales demonstrated a growth of 26.19%, while consolidated net profit saw a substantial increase of 100.16%. However, it is important to note that a considerable portion of the PBT, approximately 35.24%, was derived from non-operating income, raising concerns about the sustainability of the company's financial model.

Additionally, the company experienced an adjustment in its evaluation over the past three months, reflecting the cautious sentiment surrounding its recent performance. Overall, while there are some signs of growth in sales and net profit, the significant drops in profitability and reliance on non-operating income present challenges for Excel Industries moving forward.